Frequently Asked Questions

Currently, you can borrow from B$2,500 to B$20,000, subject to credit referencing and scoring. We will increase the maximum amount in stages up to B$50,000. Details of what is currently available are set out on the page All About Borrowing.

Over what term can I spread my repayments?

You can borrow for terms from 12 to 60 months in six months increments, subject to credit referencing and scoring. Repayment instalments will always be made monthly. Details of what is currently available are set out on the page All About Borrowing.

What interest rate will I pay?

The interest rates vary between 7% and 12% per annum. The exact interest rate you will pay on your loan will be set based on your individual credit score and how long you want to pay back your loan. The more credit worthy you are, the lower the rate.

The repayment instalment schedule is calculated on the outstanding loan principal at the instalment payment date. The intention is to have equal monthly instalments. With each instalment, a small amount of the loan principal is repaid and this reduces the interest charge for the next month. Because each monthly repayment is fixed, the amount of principal that is repaid will increase slightly each month and the interest amount that is paid will decrease.

What information do I have to give to become a Borrower?

Name

Address

You must confirm that you have been a resident in the Caribbean country you are applying from for at least the past 3 years.

Date of Birth

Please note that you can only become a Borrower if you are over 21 years old and under 65 years old.

Gender

Email Address

Home & Mobile Telephone Numbers

Residential Status & Previous Address

Marital Status

Nationality

Occupation

Employment Details

You must earn a net salary of at least B$1800 a month, and your income must be paid into a local $ bank account. You must also show continuous employment history for the past two years.

Bank Details

Specific Answers to Financial Status Questions

What will it cost if I want to borrow?

In addition to paying interest on the amount of money you borrow (based on your personal credit score and how long you want to pay back your loan), we charge fee to cover:

When you apply for a loan you agree to the Borrower terms, which grant us permission to run a credit reference check at one or more of the Caribbean credit reference agencies, where they are available. In addition when you create a new Loan Request, a Credit Application search is run (just as any other credit provider or bank will do). This search is visible to other credit providers on your credit records, and hence might affect your credit rating. Repaying a loan via our site and making all the repayments on time may have a positive effect on your credit rating.

How will my credit scoring information be used?

Your credit score will be used to allocate a Risk Grade. There are three grades, A, B and C. These grades are a guide to the relative creditworthiness of each Borrower and are used to assign a risk-adjusted interest rate to the loan. In addition, the Risk Grades determine what interest rates the Lenders earn when they lend you funds.

Can I get a loan if I have a bad credit record?

On this site, no, you probably cannot. However, there are various ways to improve your credit rating and/or remove any errors that you might have in your credit reference.

When you're sorted, then come back. We hope to see you soon! Good luck!

I’m self-employed. Am I still eligible for a loan? What documents do I need to supply?

Yes, you are still eligible for a loan if you are self-employed. The documents you need to supply are:

Identification Document - Passport or Driver's License

Bank Statement - Six months recent statements which include all activity, your name, your address, bank, branch and account number

Income Tax Assessments - Three years income tax assessments to verify your income

Why am I asked to contribute to a Reserve Fund?

Borrowers contribute to the Reserve Fund according to their credit risk rating.

The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting, even if there are late or missed repayments, arrears or even defaults by Borrowers. This ensures that Lenders view this site as a safe place for their savings. This directly benefits Borrowers as there will be more Lenders, and hence more Lenders' money available for Borrowers!

Besides the basic personal information required (listed above under “What information do I have to give to become a Borrower?”), you will need to submit the desired loan amount, the term, and the purpose of the loan. In addition, you must disclose any existing loans, credit card limits, hire purchase agreements, etc. Lastly, we will need to know your monthly income and expenses. Once you have input this information into the online application, you will then be required to submit an identification document (along with a selfie), a bank statement, salary verification and an employment letter.

How do you decide if my borrowing proposition is acceptable?

Our only decision is whether your loan request information and credit score are both above our minimum level for acceptance. Once we have verified the information on the loan request and run our credit risk decision engine, we will advise you immediately if your loan request information and/or your credit score is sufficient or not. If it is acceptable, we will approve the loan and match it with Lenders. If it not acceptable, we may request additional information from you. Either way, your loan purpose will not influence our decision to accept or decline your loan request.

To sign up as a Borrower, first register as a user. Then create a new loan request by filling out the online application and submitting the required documents.

I registered as a Borrower, and now I want to be a Lender. What do I do?

Please contact the Carilend Team at info@carilend.com, and we can make the appropriate change for you.

How do I confirm the cost, monthly repayments & APR of my loan?

After your loan has been approved and matched with Lenders, you will receive an email asking you to accept the loan. Once you log into Carilend, the page to accept the loan will describe the total cost, the fees charged, the monthly repayments and the APR of the loan. Please carefully review this information before accepting the loan.

How do I submit a loan application?

In order to submit a loan application, you will first need to register as a user. Once you have registered as a user on Carilend, you will create a new loan request by filling out the online application and submitting the required documents.

Do I need to visit your office to submit a new loan request or documents?

No, all of our processes must be completed online.

Will my loan request be viewable outside this website?

Loan requests are matched automatically and not visible to anyone.

Can I cancel a loan request?

Once a loan request has been submitted, it cannot be cancelled from your end. You will need to contact us (via email or phone), and we will need to withdraw the loan request for you. In addition, there is no obligation for you to accept any loan that results from a loan request. After the loan is approved and matched with Lenders, you will receive an email asking you to accept the loan. At this point, you have the opportunity to decline the loan. After you accept the loan, you cannot cancel it, but you can pay it off early.

How do I ascertain that I can get a loan?

You need to submit a loan application along with the required supporting documents to get a loan approval.

How can I keep up to date with my borrowing, repayments and accounts situation?

There are extensive facilities for managing your borrowing. Below is a summary of the two most comprehensive facilities:General Account - Describes in detail the flow of money in and out of your account; states your current balance; similar to any other bank statement

After your loan has been approved and fully funded, you will receive an email asking you to accept or decline the loan. Once you log into Carilend, the page to accept or decline the loan will describe the total cost, the fees charged, the monthly repayments, the APR and the terms and conditions of the loan. Please carefully review this information. You have 72 hours to accept or decline the loan.

If I accept, how long does it take to get the loan?

It should take between 1 and 3 working days.

How will my loan be repaid each month?

Each month your loan repayment will either be taken via Pre-Authorised Debits from the bank account where your salary is lodged or via a salary deduction from your employer.

Can I set my repayment instalment dates?

The website will automatically set your repayment date as one month after you accept the loan. However, the Carilend Team can change the repayment date for you. Please give us a call or send us an email to change your repayment date.

Can I change my mind after accepting a loan?

Unfortunately once the loan has been accepted, you cannot cancel it, but you can pay it off early.

Can I change my instalments or repay the loan early?

Yes, you are able to change your instalments or repay the loan early. There are three options available to you:

Pay a lump sum to reduce the payments keeping the loan term the same

Pay a lump sum to shorten the loan term keeping the repayments the same

Pay a lump sum to fully repay the loan on the next business day

To initiate these changes, you will use the Change Instalment Plan on the menu.

I've already got a loan via your site, can I take out another?

You can only have one loan with us at a time. If you want additional funds, you will need to apply for enough funds to repay the first loan plus the additional amount that you would like to receive in your hand. In addition, you must have made at least 6 successful, consecutive repayments.

What happens if I miss an instalment and/or cannot repay my loan?

If you miss an instalment, you should contact us as soon as you become aware that this has happened. There is a fee for a payment failure when your payment is declined or not processed by your bank.It is important that you avoid late or missed payments because they harm your credit history and your ability to get financing in the future.If you cannot repay the loan it will go into "default" status. We will take steps to collect the monies due, including contacting you to agree to new payment terms. In the absence of a satisfactory settlement, your case will be passed on to our debt collection agency who will continue the collections process on our behalf.

I've made the last repayment on my loan, what happens now?

Thank You!

You can now take out another loan if you wish!

How much can I lend?

You can lend from BDS$2,500 up to whatever you want in BDS$25 increments. Details of the current interest rates are set out on theEnhance Your Returns page.

Over what term can I spread my lending?

You can lend on loans which have terms or durations from 12 to 60 months in six month increments. Repayment instalments, including interest, are paid monthly. You should set your Lending Preferences to match the terms over which you wish to invest. Details of the loan terms currently available are set out on the Enhance your Returns page and Flexible Investing page.

What interest rate will I get?

The interest rate that you receive depends on the loan requests available and what Lending Preferences you select. The current rates available are set out on the Enhance Your Returns Page.

Your overall return will depend on which options you choose and the profiles of the Borrowers that submit loan requests.

How will I receive my interest & principal repayment instalments?

Borrowers make monthly repayments to their loans, and hence you will receive monthly payments. If you have chosen to reinvest your principal and interest, then the payments will be applied back to the term where they originally came from, where they will be available for lending again. If you have not chosen to reinvest your principal or interest, then the payments will be paid into your Available Funds, where they will be available for withdrawal.

The repayment instalment schedule is calculated on the outstanding loan principal at the instalment payment date. The intention is to have equal monthly instalments. With each instalment, a small amount of the loan principal is repaid and this reduces the interest charge for the next month. Because each monthly repayment is fixed, the amount of principal that is repaid will increase slightly each month and the interest amount that is paid will decrease. Under My Loan Book, you can view the detailed repayment schedule for each loan that you are matched with.

What information do I have to give to become a Lender?

Name

Address

Date of Birth

Please note that you can only become a Lender if you are over 21 years old.

Gender

Nationality

Email Address

Home & Mobile Telephone Numbers

Bank Details

Do you perform any checks on me before I can become a Lender?

We are obliged to perform all the normal verification checks as well as those required under the Anti-Money Laundering regulations.

How does the site check the Borrower's credit reference?

We undertake rigorous checks to validate the information provided by clients and utilise a robust credit scoring system on all applications. In addition, we perform credit checks, including to local institutions and credit bureau databases. We also verify the income from pay slips and bank statements. All of these checks are designed to give us a comprehensive view of the Borrower's financial position before we make a decision on their applications. At Carilend, we take our responsibility seriously, and we will not approve a loan for a potential Borrower unless we are confident that they can afford it, based on the information provided.

How is the Borrower's credit score information used?

The Borrower’s credit score is used to allocate a Risk Grade. There are three grades, A, B and C. Risk Grades reflect the relative risk of each loan and are used to determine the interest rate charged on loans. Simply put, the lower risk Borrowers get lower interest rate loans and slightly higher (but still acceptable) risk loans pay slightly higher interest rates. The portion of your money allocated to each loan will always earn the interest rate applicable to the Risk Grade of that loan at the time of approving the loan and fixed for the duration of the loan.

What Borrower information do you require for a loan request?

For a loan request, we require the same basic personal information as a Lender (listed above under “What information do I have to give to become a Lender?”), but also we need to know the Borrower’s residential status, previous address, marital status, nationality, occupation, and employment details. The Borrower also submits the desired loan amount, the term, and the purpose of the loan. In addition, the Borrower discloses any existing loans, credit card limits, hire purchase agreements, etc. Lastly, we need to know the Borrower’s monthly income and expenses. Borrowers must also submit an identification document, a bank statement, salary verification and an employment letter.

Can a Borrower have a loan approved if he or she has a bad credit record?

On this site, no, they probably cannot!

We will only approve loan requests if the Borrower's creditworthiness and our other measures, such as affordability, are above our minimum acceptable level requirement.

How do I get my money lent out and earning interest?

First, you need to set your Lending Preferences. Your Lending Preferences allow you to choose how much you want to lend and how long you want to lend it for. We provide tools and advice to help you decide on the Enhance Your Returns page. For more information on how Lenders select their Lending Preferences, please see Flexible Investing and our blog post Putting Your Money to Work with Carilend.

After you have set your Lending Preferences, they become available for Borrowers’ use. Loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, to the Lenders’ Lending Preferences. If the two are compatible, then a match is made! You will get an email every time your money is matched with a Borrower.

Are my details viewable outside of this website?

We will only display your username in all loan agreements and elsewhere on this site. None of your personal information will be made available.

What will I pay for using the service?

There are no fees for Lenders! If you leave your money invested in the loans until they are fully repaid, there are no fees for Lenders. The only time we would charge you a fee is if you want your money back early before the loan is fully repaid. Then we would charge a small fee for matching your loans to other Lenders in order to get your money back to you.

How do I sign up as a Lender?

To sign up as a Lender, first register as a user. Then upload your identification documents, a selfie and banking details. Once your documents have been verified and you have passed the bank account verification check, then you will be able to pay in funds to your Carilend account.

I registered as a Lender, and now I want to be a Borrower. What do I do?

Please contact the Carilend Team at info@carilend.com, and we can make the appropriate change for you.

How can I find out the return I'm likely to get on lending my savings?

On the investment part of our home page, we have provided an Investment Goal facility to calculate the return you are likely to earn. Simply select the amount and term and the facility will tell you what your investment is likely to be at the end of the term and the APR.

If the economy were to take a turn for the worse, how would you protect Lenders against the risk of increased Borrower arrears or defaults?

We constantly monitor economic developments and closely tracks arrears and defaults. Here are a few actions that we would take to counter any adverse trends:

Tighten up our credit scoring standards - We would adjust upward the "pass" for credit scoring to ensure only the most creditworthy Borrowers are approved for new loans. While our current criteria is already set high, it is always possible to adjust it even higher.

Increase contributions to the Reserve Fund - In the same way banks would increase their "provisions allowance", we would increase the amount that all new Borrowers contribute to the Reserve Fund when they accept new loans. This increased amount would be in line with projected new default levels.

This is just a sample of the ways that we can protect our Lenders. Our team has the experience and knowledge to implement these actions and expand them if the need arises.

How do I pay in and/or withdraw money?

This site currently offers the Direct Debit/Credit ACH system for money deposits and withdrawals. This means that all funds are directly transferred from your bank account to Carilend, eliminating the hassle of cash, cheques, or bank drafts. Simply use the Menu on the left side of the page to navigate to “Pay In & Withdraw Money” and select the appropriate option. Once you have given your payment or withdrawal instructions, we will use the banking details previously supplied to initiate the transaction with the bank and let you know when it has been completed.

How can I keep up to date with my lending and financial accounts situation?

There are extensive facilities for managing your lending. Below is a summary of the facilities:General Account - Describes in detail the flow of money in and out of your account; states your current balance; similar to any other bank statement

Lending Account - Contains all information about your lending, such as how much you have available to lend and how much has already been lent out; describes the sources and uses of funds, the amount that has been repaid, the interest earned, fees deducted and not yet deducted and amount in processing

All Lenders have membership in the Reserve Fund, and all Borrowers contribute to the Reserve Fund when they accept a new loans. The Reserve Fund is used to compensate Lenders if there are late or missed repayments, arrears or even defaults by Borrowers. The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting. This ensures that Lenders view this site as a safe place for their savings.

Please note that the Reserve Fund is not an insurance product, is not enforceable and does not guarantee that the funds available in the Reserve Fund will cover every default.

If this is the case, then it is possible that the Borrower has had a change in their instalment plan. The Borrower has three options:

Pay a lump sum to reduce the payments keeping the loan term the same

Pay a lump sum to shorten the loan term keeping the repayments the same

Pay a lump sum to fully repay the loan on the next business day

The lump sum you received probably stems from one of these options. You will be able to see the updated repayment plan under the loan details on your Loan Book.

When will I know whether my money has been loaned out?

As a Lender, you will receive an email each time your money has been matched to a loan. The new loan will also appear on your Loan Book after the funds have been disbursed.

How should I communicate with my Borrower?

There is no need to communicate with your Borrower since everything necessary is handled efficiently by Carilend.

What happens if the Borrower doesn't pay an instalment?

If a Borrower misses a repayment or in other words a direct debit fails, we will make contact with that Borrower to find out what happened. We will endeavour to procure a replacement payment as soon as possible. Once a payment is made, your account will be credited.

As discussed above under “How does the Reserve Fund work for Lenders?”, Lenders have membership in the Reserve Fund, which helps to prevent issues that arise from missed repayments. For more information about the Reserve Fund, please click here.

In the unlikely event that the Borrower is unable to make further repayments, please refer to the next question.

What happens if the Borrower defaults on the loan?

If a Borrower cannot repay the loan it will go into "default" status. We will take steps to collect the monies due, including contacting the Borrower to agree to new payment terms. In the absence of a satisfactory settlement, the case will be passed on to our debt collection agency who will continue the collections process on our behalf.

Can I cancel or terminate a loan?

No, a loan is a contract, and once the loan is running, neither Borrower nor Lender can cancel or terminate the loan. The only way for a loan to end early is for the Borrower to repay the loan in full.

Can I sell my participation in a loan to someone else?

You are unable to sell your participation in a specific loan, but you can withdraw funds early if the need arises. In order to receive your funds, some of your loan participations would have to be sold, but the system automatically decides which loans would be sold.

How should I manage my Loan Book?

To help ensure a successful Loan Book, we recommend you diversify your money by lending in small chunks over many loans and across both loan terms. This will give you the greatest opportunity to maximize your return safely.

What is this website?

This website is an "Online Peer to Peer Borrowing & Lending Marketplace for Unsecured Personal Loans". It is where people who wish to borrow money, "Borrowers", are matched with those who wish to lend money in order to earn interest, "Lenders". Using the combination of a sophisticated online ID authentication service, credit checks and bespoke credit scoring models, we carefully verify the ID, the creditworthiness and the credit reference of the Borrower. We analyse the available data and allocate a credit score. Our credit risk decision engine then decides whether the Borrower is an acceptable credit risk.

The Lenders allocate their funds in small slices over many loans. The loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, to the Lenders’ Lending Preferences. If the two are compatible, then a match is made!

This site is managed to effect such transactions for both Lenders and Borrowers in an easy, fair and safe environment for the user participants.

If borrowing, create a new loan request by filling out the online application and submitting the required documents.

If lending, upload your identification documents, a selfie and banking details. Once your documents have been verified and you have passed the bank account verification check, then you will be able to pay in funds to your Carilend account.

Will my money be safe?

Firstly, we aim to have the lowest default rates in the unsecured Peer to Peer borrowing and lending industry in the Caribbean. We will achieve this by implementing stringent Borrower verification checks, creditworthiness tests and affordability assessments before a loan request is approved and funded.

Secondly, we have implemented a Reserve Fund. The Reserve Fund is used to compensate Lenders if there are late or missed repayments, arrears or even defaults by Borrowers. The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting. This ensures that Lenders view this site as a safe place for their savings. This directly benefits Borrowers as there will be more Lenders, and hence more Lenders' money available for Borrowers!

The Reserve Fund is built up from contributions made by every Borrower at the time they take their loan. If a Borrower defaults, the Fund will usually repay the Lenders but reserves the right not to. If the claim is paid, you will be repaid.

Whilst we will continually assess the fund to ensure it is sufficient, please note that the Reserve Fund is not an insurance product, is not enforceable and does not guarantee that the funds available in the Reserve Fund will cover every default. Whenever you lend money or invest, your capital is at risk, but with our multilayered risk management approach, we aim to minimize that risk.This website is owned and managed by the team at Carilend Ltd who together have over 150 years of business experience, particularly in financial services and widely across the Caribbean.

Borrowers will pay interest on the amount of money they borrow based on their individual credit score and how long they want to pay back their loan. The more creditworthy they are, the lower the rate. In addition to interest, we charge fees to cover:

1. The costs of the necessary regulatory and other functions (ID verification, credit referencing, risk decision processing, anti-money laundering, etc.). 2. A contribution to the Reserve Fund, which helps to protect Lenders against loan defaults.

There are no fees for Lenders! If you leave your money invested in the loans until they are fully repaid, there are no fees. The only time we would charge you a fee is if you want your money back early before the loan is fully repaid. Then we would charge a small fee for matching your loans to other Lenders in order to get your money back to you.

Loan requests are created by the Borrowers and summarise the borrowing requirements, such as the loan amount, term and purpose, and financial details of the Borrowers, including monthly income and expenses and existing loans. The loan request is then scrutinised and checked in detail by us. We perform various credit and other reference checks, and we verify Borrowers' ID and income. Following these rigorous validations, the credit decision engine assigns a credit score and Risk Grade to the loan request, which ultimately lead to the accept or decline decision. At Carilend, we take our responsibility seriously, and we will not approve a loan request unless we are confident that the Borrower can afford it, based on the information provided.

After a loan request is approved, loans are automatically matched with Lenders' money by comparing the Borrower’s loan details, such as amount and term, to the Lenders’ Lending Preferences. If the two are compatible, then a match is made!

When the total of matched Lenders' commitments equals the amount of the loan required, the loan is fully funded. The loan offer with all the terms, including amount, interest rate and monthly payment amounts, is then sent to the Borrower for acceptance.

How does a Borrower's loan request get matched to Lenders' money?

Carilend facilitates the matching of Borrowers’ loan requests to Lenders' money using our automated system. Loans are automatically matched with Lenders' money by comparing the Borrower’s loan term to the Lenders’ Lending Preferences. If the two are compatible, then a match is made!

For more information on how Lenders' select their Lending Preferences, please see Flexible Investing.

How do credit score ratings work?

Our system will assign each Borrower a credit score, based upon the information provided in the application. The credit score will be used to allocate a Risk Grade. These grades are a guide to the relative creditworthiness, affordability and stability of each Borrower, and they are used to assign a risk-adjusted interest rate to the loan.

The Reserve Fund is used to compensate Lenders if there are late or missed repayments, arrears or even defaults by Borrowers. The ultimate objective of the Reserve Fund is to ensure that Lenders receive all the principal and interest repayments that they are expecting. This ensures that Lenders view this site as a safe place for their savings. This directly benefits Borrowers as there will be more Lenders, and hence more Lenders' money available for Borrowers!

The Reserve Fund is built up from contributions made by every Borrower at the time they take their loan. If a Borrower defaults, the Fund will usually repay the Lenders but reserves the right not to. If the claim is paid, you will be repaid.

Whilst we will continually assess the fund to ensure it is sufficient, please note that the Reserve Fund is not an insurance product, is not enforceable and does not guarantee that the funds available in the Reserve Fund will cover every default. Whenever you lend money or invest, your capital is at risk, but with our multilayered risk management approach, we aim to minimize that risk.

A person - unfortunately, you cannot borrow or lend as a company at this time

Over 21 years old

A resident in one of our countries of operation - currently just Barbados, but coming soon to other Caribbean countries

The holder of a bank account in the country and currency of residence

In addition, Borrowers cannot be over 65 years old at the time of maturity, must have a regular source of income, and be able to afford the loan.

Can I be a Lender and a Borrower at the same time?

You are more than welcome to be both a Lender and a Borrower. We recommend that you set up two profiles on Carilend so as to keep the Lending and Borrowing separate.

What information do I have to give to become a registered user?

All users must provide:

Name

Address

Date of Birth

Please note that you can only register if you are over 21 years old.

Gender

Nationality

Email Address

Home & Mobile Telephone Numbers

Bank Details

In addition, Borrowers must provide:

Residential Status & Previous Address

Marital Status

Occupation

Employment Details

Specific Answers to Financial Status Questions

I do not have a Passport or Driver's License. Can I submit my Barbados ID Card?

Unfortunately, the Barbados ID Card does not contain any security features. Therefore, we cannot accept it. If you do not have a Passport or Driver's License, then unfortunately, you will not be able to be a Lender or Borrower with Carilend.

Why do you need my banking details?

We ask that you provide your banking details because we use the Direct Debit/Credit Automated Clearing House (ACH) System for paying in and withdrawing funds. This means that all funds are directly transferred from your bank account to Carilend, eliminating the hassle of cash, cheques, or bank drafts. For more information, please see our blog post Why Do We Need Your Banking Details?.

I do not have a bank account, only a credit union account. Can I use this account instead?

Unfortunately, the credit unions do not operate on the same system as the banks, and therefore, we are not able to use credit union accounts to collect or receive payments.

If you are a Borrower, then it is still possible to borrow through us if you can obtain a salary deduction from your employer.

Who owns and manages this website?

Carilend Ltd owns and manages this website.

Mark Young is the Chief Executive Officer and one of the Co-Founders. A brief biography of him and the rest of the management team can be found in the"About Us" menu item.

How long has Carilend Ltd and this website been around?

Carilend Ltd was incorporated in May 2016, and this website launched in the second quarter of 2016. We opened for new Lender investments in March 2017, and then commenced lending to Borrowers in May 2017.

How is this website regulated?

We aim to operate at the highest standards for Lenders and Borrowers. While there are currently no specific regulations covering Peer to Peer lending in the Carilend Ltd countries of operation, Carilend Ltd has chosen to operate under the required UK standards, as if Carilend Ltd was operating in the UK under Financial Conduct Authority Regulation. These standards are widely regarded as the most progressive and advanced regulatory standards worldwide, and they are being modeled by many other global regulators. Carilend Ltd intends to operate under any relevant and governing regulatory standards which are legislated and adopted in its countries of operation.In the UK, there is a trade organisation called the Peer-to-Peer Finance Association ("P2PFA") which has drawn up Rules and Operating Procedures for companies operating in this marketplace. Carilend Ltd has voluntarily chosen to adopt the UK P2PFA Operating Procedures in its business as a recognised standard of best practice in the industry.Carilend Ltd’s company registration number is 40546, and the registered office is located at One Welches Plaza, Welches, St. Thomas, BB22025, Barbados.

Do Carilend Ltd employees or directors borrow or lend on this website?

Employees of Carilend Ltd may use this site for lending or borrowing on exactly the same basis as any other user. Directors of Carilend Ltd may not borrow on the site, but they may lend, again, on exactly the same basis as any other user.

Is my personal data safe & secure?

We will never disclose any personal data, other than what is required for the correct running of the site. Full details of what information we require for you to become a Lender or Borrower, how we use that information and what will be made available to other members or third parties are all set out in the Terms & Conditions that users confirm agreement to upon registration.

Our Privacy Policy is set out in the Privacy Policy section of the Terms & Conditions.

You can rest assured that your personal data will be safe and secure with us, and we will protect your privacy.

What of my personal data can be seen by other users?

On this site, there is no identifying data available to anyone. For Borrowers and Lenders, only usernames are seen by others, and if created correctly, it is not possible to identify any particular person from such data.

How can I keep up to date with my money & accounts situation?

There are extensive facilities for managing your borrowing and lending. Below is a summary of the facilities:

General Account - Describes in detail the flow of money in and out of your account; states your current balance; similar to any other bank statement

Lending Account - Contains all information about your lending, such as how much you have available to lend and how much has already been lent out; describes the sources and uses of funds, the amount that has been repaid, the interest earned, fees deducted and not yet deducted and amount in processing

As you continue to borrow and lend, you will receive confirmation emails for all your actions, such as document verification, loan approvals, loan acceptance or rejection, late payments or deposits processed. You can customise which optional confirmation emails you wish to receive by using the Email Preferences tab on your Carilend account.

Can I switch off some of the confirmation emails?

For the most important events, such as confirming your email address and accepting a loan, the confirmations emails are mandatory. However, you can customise which optional confirmation emails you wish to receive by using the Email Preferences tab on your Carilend account.

Is there a tax liability with this activity?

For Borrowers, there are no taxation effects, but for Lenders, there may be taxation effects depending on your location.

For a Lender lending in Barbados as an investment activity, as opposed to a business, we will deduct Withholding Tax from the gross amount of interest earned and make payment as required to the Barbados Revenue Authority.

At the end of the tax year, you will be able to download an annual interest income statement. This will show the total gross interest you've received over the tax year and the withholding tax deductions we’ve made and paid on your behalf.

How do I register a complaint?

If you wish to register a complaint, you should send an email, containing your name or username and brief details of your complaint, to info@carilend.com. Our Customer Service Team will normally acknowledge your email with an email by close of business the following business day. The detailed process for handling complaints is set out in our Website Terms of Use.

The site may work on previous versions and other browsers but these, or their later versions, are recommended.

How do I get technical support?

You can phone, email or otherwise contact us via the Contact Us page.

There is also a host of information on the tooltips, How It Works page and in the FAQs.

What should I do if I see a way of improving the website?

Please send us your ideas via the Contact Us page or send us an email at info@carilend.com.

How can I contact your team to get help?

You can phone us to help you resolve any immediate issues. Alternatively, you can email us at info@carilend.com or contact us via the Contact Us page.

We will endeavour to respond promptly, whichever method that you use to contact us, during normal Caribbean based office hours 8:00 am to 4:30 pm Monday - Friday. Outside normal office hours, we will respond as soon as we can the next business day.

Still not sure?

We have tried to answer all the questions we have received above, but if you do not see what you need, Contact Us by clicking the link below and choosing an option.